Regulatory Alerts2018-07-09
Added · Updated
Supplementary Circular Regarding the Obligations of Real Estate Appraisal Customers Subject to SAMA Supervision
The Saudi Arabian Monetary Authority (SAMA) issued a supplementary circular amending its previous directive on real estate appraisal customers to mandate that banks, finance companies, and insurance companies must exclusively engage licensed and accredited real estate appraisers. The revised circular further requires these financial institutions to provide customers with a complete copy of the appraisal report for the property being evaluated. These amendments apply immediately to all regulated entities operating within the Kingdom.
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